In Letter to Shareholders, JP Morgan CEO Jamie Dimon Says Coronavirus Economic Downturn Will be Similar to 2008 Recession

Economists for the Federal Reserve Bank of St. Louis predicted more dismal numbers. Last week, they projected 47 million job losses and an unemployment rate just above 32 percent in an analysis of the situation. Those numbers were worse than the 30 percent unemployment predicted by the bank’s president James Bullard days earlier.

Jamie Dimon sees ‘bad recession’ and echoes of 2008 crisis ahead

By Michelle F. Davis Jamie Dimon said the coronavirus pandemic will lead to a major economic downturn and stress mirroring the meltdown that nearly brought down the U.S. financial system in 2008. “At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global […]

Millions of Americans have lost their jobs. There’s no doubt we’re in a recession

How do we know? The millions of workers who filed for unemployment benefits told us. Past experience tells us, too. Since the 1970s, a half-point increase in the three-month average unemployment rate, relative to its low in the prior year, has occurred in the early months of every recession. This indicator is known as the […]

How today’s economic climate compares to the Great Depression

Should we all be wearing masks in public? CDC reportedly reconsidering guidance Here’s how much money you’re set to receive under the $2 trillion aid package Coyotes are being seen on the empty streets of San Francisco Why clerks won’t bag your reusable tote at Safeway, other stores any more What should you do if […]

The ghosts of the Bernanke-Yellen Fed continue to haunt Americans

As we saw in cases such as WeWork, it’s likely that many of these debt-laded businesses will eventually fail. In a healthy economy, this would be natural and healthy — freeing up capital that can be invested in sustainable business models. In an economy where American savings and retirements have been pushed into investing in […]

Global investors clamour for safe haven in UK government bonds

“The UK is still a large market for bonds and sterling is still a reserve currency behind the dollar and the euro. And the UK is not different to any other country in needing extra funds to support extra spending. It is not an outlier,” he said.

Oil rises as hopes build for global production cut

Oil prices clawed their way into positive territory on Tuesday as hopes that the world’s biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.Brent crude was up 83 cents, or 2.5 per cent, at $33.88 a barrel by […]

Here’s How People Really Feel About Buying a Home Amid the Coronavirus Crisis

Sellers surveyed were worried because social distancing and public health concerns have made it impossible—or at least inadvisable—to hold open houses and showings for the foreseeable future. They’re concerned that they won’t attract buyers with so many folks unable to view the homes in person or because potential buyers may have been laid off or […]

COVID-19 and homeless veterans — a looming crisis

The Veterans Administration (VA) gets a lot of flack, often deservedly. But its partnership with the Department of Housing and Urban Development (HUD), state and local governments and the nonprofit sector to reduce veteran homelessness is a true success story. In fact, in some municipalities veteran homelessness has been effectively eliminated. these aren’t small cities; […]

Calls for debt relief for world’s poorest nations

In a blog on Monday, the IMF said the pandemic had pushed the world into a recession. “For 2020 it will be worse than the global financial crisis. The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments”.